Question

What is non resident (External) Account ?What are the taxability of Interest earned from Non-resident (External) Account ?

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Answer 1

Answer:

NRE stands for Non Resident External Account

These accounts are opened for the purpose of depositing income earned overseas. The funds held in these accounts can be remitted back overseas freely subject to terms and conditions of the resident country

As per section 10(4)(ii) of the Act, the NRE interest is exempt from tax for those who are treated as a 'Person Resident Outside India (PROI) as per the Foreign Exchange Management Act, 1999 (FEMA) or if the person is permitted to continue holding such an account by the RBI.

Explanation:

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Answer 2

Answer:

I have a non-resident external (NRE) account with an Indian bank.Under the income tax law, interest income from NRE accounts (savings and fixed deposits) earned by an individual is exempt from tax in India, provided the individual qualifies as a “person resident outside India" under the exchange control law.

As per section 10 of the Act, the NRE interest is exempt from tax for those who are treated as a 'Person Resident Outside India (PROI) as per the Foreign Exchange Management Act, 1999 (FEMA) or if the person is permitted to continue holding such an account by the RBI.

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